I'm an associate editor at Forbes, part of the team responsible for our signature issues: The Forbes 400, Global Billionaires and America's Richest Families. As a writer, I cover these wealthy business builders as well as other entrepreneurs. Before Forbes, I also reported on entrepreneurs for Inc. magazine and attended Syracuse University's S.I. Newhouse School of Public Communications.

A large portion of what politicians needed to face in fiscal cliff talks has been left for another day. While the newly struck compromise does prevent some damage to the economy, pols still need to fix a number of problems. “This is the best we could do,” says Rep. Nan Hayworth (R-New York). “This is at least a partial victory for the American people.”

A partial one at best. Each issue that lawmakers must now tackle poses a considerable risk. Even the debate over the appropriate solution will limit economic growth. Not fixing them at all, or a large delay in finding an answer, could severely wreck the fragile recovery. How bad is it? Well, Washington, D.C. might go completely dark.

“Going forward, it could be more complicated to achieve consensus given that retiring Congressmen are often thought to be more willing to compromise, particularly in relation to newly elected members,” says Barclays economist Julian Callow.

Politicians must work on:

The debt ceiling. The U.S. hit its statutorily mandated debt level ($16.4 trillion) two days ago. This means the Treasury Department will use a number of special measures to keep the books open. At most, this will buy a couple months. Talks should begin in earnest around Valentine’s Day. At stake: a possible governmental shutdown. Recall what happened the last time that lawmakers discussed the nation’s debt ceiling—a two-week period in August 2011, in which the nation’s credit rating was downgraded, raising borrowing costs, and the economy almost entered a double-dip recession. President Obama wants Republicans to quickly agree to increase the debt limit. Republicans want to use their acquiescence as a bargaining chip. Moody’s today said it would monitor what happens and didn’t rule out possibly downgrading U.S. debt: “This confluence of events adds uncertainty to the outcome of negotiations.” Prepare for a sequel of August 2011.

The sequester. D.C. decided to push off any decisions about the $110 billion in spending cuts included in the fiscal cliff. Half needed to come from defense and half from other portions of the government’s budget. The lack of any spending cuts in the compromise deal almost stalled the bill’s progress when House Republicans almost balked. The GOP believes it can wrestle some concessions from Democrats over this matter because conservatives relented some on raising taxes on wealthy Americans. (And they hold that aforementioned bargaining chip.) “Now it’s time to get serious about reducing Washington’s out-of-control spending. That’s a debate the American people want. It’s the debate we’ll have next. And it’s a debate Republicans are ready for,” Senate Minority Leader Mitch McConnell (Kentucky) said last night. Democrats have said they would only consider legislation that contained a mix of tax increases and spending cuts. We’re in for a struggle. “Given the cantankerous nature of the negotiations over the past …days it is now very possible that we will see another stand-off,” says Paul Ashworth, chief U.S. economist at Capital Economics. “Out of the frying pan, into the fire.” The latest advocate for an expedited solution: the International Monetary Fund. That body called on D.C. today to remove the remaining uncertainty and allow the economic recovery to gain speed.

To monitor how investors feel about the progress, look at key bellwether stocks, businesses like Apple and FedEx, that can report tremors in economic conditions throughout the globe. Also, track how risk-off stocks fare: These are large, cash-generative companies like Procter & Gamble and Coca-Cola that investors buy during trying times.

Today’s gains in U.S. and overseas markets already show a degree of optimism. The Dow Jones industrial average climbed 1.8% to 13,341.57—a triple-digit gain of 237 points. The Nasdaq composite rose 2.6% to 3,098.82, and the S&P 500 added 2% to 1,454.14

Abroad, the Euro Stoxx 50 climbed by 2.2% to 2,711.25. The FTSE 100 added 2.3% to 6,027.37. Asian markets told a similar story. The Shanghai composite went up 1.3% to 2,269.13, and the Hang Sheng index increased 2.9% to 23,311.98.

The length of the rally should seem very much in doubt. “The bare bones agreement to limit the scope of tax increases in 2013 removes for now the threat of immediate, severe fiscal tightening,” says Citi economist Steven Wieting. “However, the incomplete agreement leaves both short-term and long-term spending decisions to the new Congress in just the next couple of months. A two-month delay in sequestration roughly coincides with needed action to raise the Federal debt ceiling.” Wieting adds: “Such further agreements may be reached with even more difficulty.”

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Kicking the can not so much down the road as off the fiscal cliff. Pity they forgot about the tide that will soon return it with interest. A total abdication of their personal and collective responsibility to the electorate… http://wp.me/p2Tb57-71

Having read the discussion, one would want to repeat what one said before: the US economy down the road remains bumpy and thorny. In fact, given the scenario, it is going to deteriorate further. (vzc1943, ttm1943)